Transcorp Hotels Plc has said that the hospitality group is aiming to expand its operational footprints across the country and other African countries.
The Managing Director/Chief Executive Officer of Transcorp Hotels, Dupe Olusola, disclosed this during an investor call on Friday.
This disclosure comes after the company informed investors via a corporate filing on the Nigerian Exchange Limited that it had divested its 100% stake in Transcorp Hotels Calabar Limited to Eco Travels and Tours, an indigenous hospitality firm.
Olusola said the focus for the company going forward is expansion, ensuring that it could achieve more footprints in the hospitality business not only in Abuja but across the entirety of Nigeria and then transition to Africa.
She noted that the company targets conversion of the existing warehouse in Transcorp Hilton Abuja to a 3,000 – 5,000 capacity Event/Lifestyle Centre.
Olusola explained that the event center, which is estimated to be delivered this year, aims to cater to the event needs of existing clientele of Transcorp as well as the general public.
She said the company also targets to complete a 315-key 5-star hotel with features of relaxation and lifestyle center, located in the heart of Ikoyi, Lagos by 2027.
The project, according to her, would consist of a garden space for recreation and events, a spa/gym, a co-working space, a café, a 5-star restaurant, retail outlets, and a UBA experience center.
Meanwhile, the Chief Financial Officer of Transcorp Hotels, Oluwatobiloba Ojerinde, in her presentation, shared the financial results of the company in the year ended December 2023 and the drivers of the performance.
Ojerinde said the company recorded a gross profit growth of about 72% in 2023. Also, it recorded an increase of 24% in operating expenses from N13.9 billion in 2022 to N17.3 billion in 2023, attributed to improved operating activities.